Asset Acceptance Capital Corp. Board of Directors Under Investigation by
Glancy Binkow & Goldberg LLP for Potential Breaches of Fiduciary Duty
Business Wire
LOS ANGELES -- March 6, 2013
Glancy Binkow & Goldberg LLP announces that it is investigating potential
claims against the Board of Directors of Asset Acceptance Capital Corp.
(“Asset Acceptance” or the “Company”) (NASDAQ: AACC) related to the proposed
acquisition of the Company by Encore Capital Group Inc. The transaction is
valued at approximately $200 million, or $6.50 per share. Under the terms of
the deal, shareholders will have the option to receive the consideration in
cash, Encore stock, or a combination of the two.
This investigation concerns whether the Board of Directors of Asset Acceptance
breached their fiduciary duties to stockholders by failing to adequately shop
the Company before agreeing to enter into the proposed transaction, and
whether the Company has disclosed all material information to shareholders
about the transaction. The Company has seen substantial recent growth. Its
share price has skyrocketed from $2.86 on November 21, 2011 to $7.97 on
October 15, 2012. Further, at least one analyst has set a target price for the
Company’s stock at $8 per share.
If you are a shareholder of Asset Acceptance, if you have information or would
like to learn more about our investigation, or if you wish to discuss these
matters or have any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Louis Boyarsky,
Esquire, Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los
Angeles, CA 90067, by telephone at (310) 201-9150 or Toll Free at (888)
773-9224 or by email to shareholders@glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contact:
Glancy Binkow & Goldberg LLP
Louis Boyarsky, Esquire
310-201-9150 or Toll Free at 888-773-9224
shareholders@glancylaw.com